The effect of investor attention on stock price crash risk

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Empirical Finance Pub Date : 2023-11-26 DOI:10.1016/j.jempfin.2023.101456

Ting-Hsuan Chen, Kai-Sheng Chen

引用次数: 0

Abstract

This study investigations the relationship between investor attention and stock price crash risk in different markets and different levels of natural-person ownership. Google's search volume is primarily employed as a proxy for investor attention. The empirical results show that the higher investor attention, the higher future crash risk, with this effect being more pronounced among firms listed on the over-the-counter market and firms with a high level of natural-person ownership. This study fills the gap in research on the factors affecting stock price crashes from the perspective of investor behavior.

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投资者关注如何影响股价崩盘风险

本研究考察了不同市场和不同自然人持股水平下投资者注意力与股价崩盘风险的关系。谷歌的搜索量主要被用来衡量投资者的关注程度。实证结果表明，投资者关注度越高，未来崩盘风险越高，且这种效应在场外市场上市公司和自然人持股水平较高的公司中更为明显。本研究填补了从投资者行为角度研究股价暴跌影响因素的空白。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Empirical Finance Multiple-

CiteScore

3.40

自引率

3.80%

发文量

期刊介绍： The Journal of Empirical Finance is a financial economics journal whose aim is to publish high quality articles in empirical finance. Empirical finance is interpreted broadly to include any type of empirical work in financial economics, financial econometrics, and also theoretical work with clear empirical implications, even when there is no empirical analysis. The Journal welcomes articles in all fields of finance, such as asset pricing, corporate finance, financial econometrics, banking, international finance, microstructure, behavioural finance, etc. The Editorial Team is willing to take risks on innovative research, controversial papers, and unusual approaches. We are also particularly interested in work produced by young scholars. The composition of the editorial board reflects such goals.